LONG Is WTI Oil gearing for further upside? $57.50 in sight

WTI Oil has staged an impressive rebound in recent weeks with prices currently trading near a three-month high above $56.50 as of writing. The inverse head and shoulders pattern on the daily charts signal further upside with the first key point of interest at $57.50. A solid breakout above this level is likely to open a path towards $60.00 in the medium term. Intraday traders will be concerned with how prices behave around the neckline which is coincidentally around $56.30 - $56.50. This bullish setup remains valid as long as prices are able to keep above $54.00.